Merrill Lynch said it will reduce its stake in FNN.
- Share via
In a filing with the Securities and Exchange Commission, the company said it will transfer 500,000 shares of Santa Monica-based Financial News Network, along with shares in two related companies, to FNN’s New York-based parent, Biotech Capital Corp., in exchange for 1,060,000 Biotech shares. Merrill Lynch, one of the largest holders of FNN shares, said the exchange was intended to consolidate its investments. The transfer, which must be approved by the California Commissioner of Corporations, reduces Merrill Lynch’s stake in FNN to 4.9% from 9.5%.
More to Read
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.